Ukrlandfarming agreed on UAH 4.4 billion restructuring to Oschadbank
The Ukrlandfarming group of companies with the agricultural holding Avangard under its supervision signed an agreement on restructuring its obligations to the State Savings Bank of Ukraine (Oschadbank) in the amount of UAH 4.4 billion.
The company notes that the negotiation process lasted more than a year and was carried out in accordance with the Law of Ukraine “On Financial Restructuring”. An international audit company, Ernst & Young, was engaged in inspecting the financial and business activities, the condition of the collateralized property, and the forecast of the main operating and financial indicators.
The restructuring agreement was signed on February 4th, 2019.
“Today, Ukrlandfarming, despite the challenges related to the loss of assets in the east of the country and in the Crimea, succeeded in stabilizing its operations. In order to develop further, we need time for the repayment of old loans. The decision of the Oschadbank is the support of the real sector of the economy because today our company has 30 thou. employees, we pay billions of hryvnias of taxes and produce about 1% of Ukraine’s GDP. Reaching a restructuring agreement is also a signal for international investors. The signal that it is possible to conduct business in Ukraine, despite the macroeconomic indicators and the political situation that developed after 2014,” said Oleg Bakhmatyuk, owner of Ukrlandfarming and Avangard.
As previously reported, Ukrlandfarming was set to complete the debt restructuring process in 2019.